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CiTy of Mounds View
<br />Housin� Replacement ProQram
<br />needed.
<br />J. 1- Opfion E 2: Acauisition of Propertv bv EDA
<br />1. Blight Qualification: Once an offering letter is received fi•om the interested pardcipant,
<br />Program Staff will ,I��ikl an�ange, by appointment, an inspection of the interior of the home to
<br />establish blight qualifiearion as outlined in Section G. �#ae-taiNe�r�� ^„--�.�:�iecrwiN-�I:��.°
<br />etiEa+ricc: c�e+r' �•r�,�;��T [n addition, ProQram Staff will make a determination as tu
<br />the uotential presence of hazardous materials on the property and will obtain
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<br />(?�a statement from the interested participant regarding any knowledge of the
<br />property's use for production, storage, deposit, or disposal of any toxic or
<br />hazardous wastes or substances or asbestos products whatsoever, during the time
<br />the interested participanY owned the property and prior to the date of interested
<br />participant purchased property. Properties with recuanized enviromnental
<br />conditions em-irurri���rnel r�n�4��Ecrne or hazards may be considered if the pwrohase
<br />price is reduced sufficiently to cover increased site clearance and preparation
<br />costs.
<br />lf a properry satisfies ��acc�s the blighY cmiditions as outlined herein {e,l-, acquisition
<br />procedures can continue. If the blight test cannot be met, the interested participant will be
<br />notified in writing indicating the reasons why tl�e properry eannot be considered for
<br />acquisition.
<br />2. Need for Variances: If a variance is required to redevelop the property, the EDA may, at
<br />its sole discretion, choose not to acquire the property. This determination will be made based
<br />on the project time lines, available resom�ces, and availability of other properties whieh do not
<br />require a variance. If the EDA chooses to pursue a variance to enable the acquisition of the
<br />property, an application shall be filed following the usual procedLU�es. If a vai7ance is not
<br />approved, the property cannot be considered for acquisition.
<br />3. Appraisal: Deteimining Purchase Price: If the EDA chooses to continue with the
<br />acquisition, a fee appraisal shall be ordered at the EDA's expense and the result shall be used
<br />in determining the amount of the purchase price to offer to the interested participant. The
<br />independent fee appraiser shall be carefully insh�ucted to document in specific tei7ns the
<br />conditions of the property including details regarding structural condition and floor plan. The
<br />acceptance of these conditions in the market place sl�ould be discussed in the report. The
<br />appraise�'s value jLidgment sho�ild reflect these conditions. A negotiated price considerably
<br />below the assessor's market value may be accepted without an appraisal on a case by case basis
<br />if the interested parCicipant concurs.
<br />4. Purchase Agreement: Closing Procedures
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